European natural gas prices surged to their highest level since January 2023 after an escalation of hostilities in the US-Iran war amplified worries about a prolonged disruption to Middle East energy supplies.

Dutch front-month futures, Europe’s gas benchmark, advanced as much as 6.5%, before paring some gains. Prices are now more than 70% higher than at the start of July, when a temporary ceasefire lifted hopes of a potential resolution to the war.

The report was published by Bloomberg on September 1, 2026, with coverage by Priscila Azevedo Rocha and Ruth Liao. The escalation has raised fresh concerns about energy security across Europe as Middle East tensions continue to affect global supply chains.